The indicators to use
- Bollinger Band (centerline using EMA, period 50, standard deviation (deviation) of 2.00, use for closing price)
- The 50 EMA is the centerline
- RSI (length is 9 periods, applies to close prices)
Enter the order
- Sell: If the top of the candlestick goes out or touches the Bollinger Band AND this candle should close inside the Bollinger Band AND the RSI should be above 75 ==> Place order on the next candle.
- Buy: If the bottom of the candle is out or touch the Bollinger Band AND this candle should close inside the Bollinger Band AND the RSI should be below 25 ==> Place a buy order on the next candle.
Exit the command
- Stop loss: 50 pips above the top of the candle signal
- First profit-taking target: Close 1/2 of the order volume at the opening price of the next candle after the candle hits the Bollinger Band centerline
- Take full profit: Close all orders at the opening price of the next candle after the selected candle on the other side of Bollinger Band
- Adjust your stop loss: Use a trailing stop - trailing stop - after touching your first profit-taking target
Some examples:
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